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AUD/USD Rectangle Pattern Projects 0.9800

This analysis has been posted in Technical Analysis Contest as well and it can been found here: AUD/USD Rectangle Pattern Projects 0.9800
Aussie has been moving for the most part of this summer in a rectangle pattern(see Figure 1) which project a target of 0.9800 once we have a break and a close below the support level of 0.9200. If we measure the range between the 0.9500 round number and resistance level and 0.8200 support level we have an 300 pip range which projected to the upside gives us th…
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ANABEVZ 18 8月

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AUD/JPY Never Ending Consolidation

AUD/JPY has been trading in a narrow consolidation zone(see Figure 1) for the entire summer period. Most significant movement happened right before the summer when we had a spike lower towards the 93.00 figure and since than the consolidation zone has narrowed even further with 94.40 support zone and 96.40 resistance zone. Current projections should go as this: first we need a break and a close below 94.00 level which is the bottom of this rectangle, followed by another break towards 92.00 level…
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Update 1: It may be the case I'm wrong on this prediction as we broke the upside resistance level at 96.50 and we have retested it and got a rejection signaling buyers are in control

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AUD/USD Rectangle Pattern Projects 0.9800

Aussie has been moving for the most part of this summer in a rectangle pattern(see Figure 1) which project a target of 0.9800 once we have a break and a close below the support level of 0.9200. If we measure the range between the 0.9500 round number and resistance level and 0.8200 support level we have an 300 pip range which projected to the upside gives us the 0.9800 target level.
Figure 1. Aussie Daily Chart.
Also based on Elliott Wave since beginning of last year (see Figure 2) au…
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Update 1: as expect we had a final spike lower towards 0.9200 support level where the market found some strong buyers and we had a rebound. We're under way to develop the last wave "C" of this correction. Before to continue pushing higher we can expect some pull back towards 0.9280 where the market should find support. Next resistance for the next week stands at 0.9370

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Update 2: As per my last Update we indeed push back to retest the 0.9370 intermediate support level which confirms that our projection is on the money. Now we can say that wave C is developing as momentum has started to push higher but as long as current low volatility stay in place expect a slow market.Nex intermediate resistance for next week is 0.9415

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Update 3: Although we took another dive towards 0.9270 the market quickly reverse confirming once again that buyers are in control of this market. Wave C can take multiple form and my expectation is for a 3 more upside legs where wave a and c of wave C would develop 3 waves of lesser degree and wave b only 1 wave making a total of 7 upside waves. So we should be able by the time we complete wave C to count 7 wave from low to 0.9800

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